FINANCIAL TIMES
BRUSSELS TO ACT OVER LIBOR SCANDAL
By Alex Barker in Brussels, Brooke Masters in London and Kara Scannell in New York
Brussels is wading into the interest rate-rigging scandal rocking the City of London with a proposal to outlaw attempts to manipulate market indices across the EU and a fundamental review of the rules on how Libor is set. Michel Barnier, the EU commissioner overseeing financial services, will amend reforms to EU market abuse rules so that potential “loopholes” are closed and criminal sanctions specifically cover tampering with indices such as Libor and Euribor.
DAILY TELEGRAPH
PENSIONERS TO BE INSURED AGAINST STOCK MARKET FALLS
By James Hall, Consumer Affairs Editor
Workers will be able to protect their pensions by insuring savings against stock market falls under plans being drawn up by ministers. Steve Webb, the pensions minister, said he wanted to give people “certainty” that they would get a guaranteed income when they retired. Millions of savers have seen the value of their workplace pensions fall because of stock market turmoil and the Bank of England’s policy of printing money to stimulate the economy.
CITY AM
BRANSON: UK IS AT RISK OF JOINING THE THIRD WORLD
By Marion Dakers In Cancun
BRITAIN will fall behind the rest of the world unless a “bold, brave” stance on airline growth is adopted by the government, Virgin founder Sir Richard Branson warned yesterday. Branson hit out at leaders who stand in the way of expansion at close-to-capacity Heathrow and impose steep taxes on air travel. “What we ought to be talking about is wholesale expansion to Asia, to Africa, to South America, and options on routes that are not currently serviced,” he told reporters. “But it’s impossible, and it’s been impossible for the last 15 years. Britain came to a full stop 15 years ago.”
THE SUN
CUT DIAMOND
By Emily Ashton And Steve Hawkes
'Slash Bob's £20m deal' call to Barclays. The screw was last night being tightened on Barclays to slash shamed boss Bob Diamond’s £20million payoff. Shadow Chancellor Ed Balls said letting him pocket the whopping wad would be “totally outrageous”.
DAILY MAIL
BARCLAYS BOSS MARCUS AGIUS FACES SHOWDOWN WITH MPS
By Ben Griffiths
Barclays chairman Marcus Agius will tomorrow be quizzed about how the scandal-hit bank intends to clean up its act in the wake of the interest rate-fixing revelations that forced chief executive Bob Diamond to quit.
DAILY EXPRESS
INVESTORS BRACE AHEAD OF CRUNCH EUROZONE MEETING
By David Craik
Investors are braced for more stock market turmoil this week amid growing fears over the eurozone debt crisis and UK economic growth. There are concerns that a crunch meeting of eurozone finance ministers today will reveal a deep split between members over the £80billion rescue deal for Spain’s banks, reached to much fanfare a fortnight ago.
